| Good morning Voornaam, It was another interesting day of earnings news on our local market and one that was filled with far more good news than bad.
Shoprite was the one that probably got the most attention. After all, this the retail darling of our local market and with good reason! It's becoming harder to grow off such a large base, hence the focus on bringing in up-and-coming businesses in categories like pet, clothing and outdoor.
Particularly strong results were released by Discovery and Harmony. The latter obviously has the gold price to thank for that. As for the former, it's been a long and tricky road to get here, so well done to them. I must also give credit to WBHO for showing that construction companies can actually make money!
Nedbank put in a solid performance in a difficult election year. The group values the Ghost Mail reader base and has placed their results in the publication this morning. In addition to getting my views on the numbers in Ghost Bites, you can read the company's release here.
The MultiChoice - Canal+ deal has been pushed out a few months. The only thing propping up the MultiChoice share price right now is that offer, so they desperately need the regulators to say yes.
There are companies on the JSE that are putting in some really impressive growth performances. Two such examples are CA Sales Holdings and HomeChoice. The good news is that HomeChoice will be on Unlock the Stock next week, so be sure to register for free to engage with management directly.
Of course, we can't only have good news to deal with. There's pressure at Brimstone and Sea Harvest, with those companies having the unfortunate honour of delivering disappointing numbers on a day that was filled with positivity. Over at Caxton & CPT, the overall picture might look solid enough, but they are dealing with the tough situation of the legacy publishing and printing business shrinking at an alarming rate.
Along with the Nibbles, be sure to get all the details in Ghost Bites at this link>>>
In the latest Magic Markets podcast, we discussed whether the style of reforms seen in Argentina could work in South Africa and promote the emergence of more growth-focused companies. Looking to another emerging market for inspiration makes sense to us. Enjoy it here>>>
Take a break from earnings with the latest piece from Dominique Olivier is a fantastic look at a trend that should not be ignored. As younger generations become more health conscious, could alcohol companies go the way of tobacco? And what are the other impacts? Learn more here>>>
Finally, the latest structured product from the team at Investec closes on 7 March, so you don't have much time left to pull the trigger on it. With the Chinese market offering a fascinating risk-reward dynamic, the structure addresses downside risks while offering enhanced (but capped) upside. Don't miss the opportunity to learn more about the product in this podcast>>>
Have a lovely day! |
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| INVESTEC: International Opportunities Limited - a Chinese equity structured product (closing on 7 March) |
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| China is a land that is fraught with risk and brimming with opportunity. With enhanced upside as well as downside protection, International Opportunities Limited is a structured product that seeks to balance the risks and rewards available in Chinese equity markets.
International Opportunities Limited offers 1.3x geared exposure to the CSI 300 Index, capped at 60% growth for a maximum return of 78% in USD. In addition, there is 100% capital protection at maturity in USD.
Japie Lubbe of Investec Structured Products joined me to discuss the structure in detail. Get it here>>> |
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| SATRIX: Don't waste the TFSA opportunity |
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| | | Tax-free savings accounts (TFSA) are one of the most building blocks in any equity portfolio. The advantage of compounding tax-free returns over a long period is incredibly powerful and can really turbocharge a long-term wealth creation journey.
To discuss the importance of TFSA investments and the opportunities available to investors in the ETF universe, familiar voice Siyabulela Nomoyi of Satrix returned to the Ghost Stories podcast.
Enjoy it here>>> |
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| GHOST WRAP: Retailers on sale on the JSE - a review of the first few weeks of 2025 |
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| The retail sector got off to a very poor start in 2025. With practically the entire sector down, are there stocks that were punished more than they should've been?
This podcast is a useful summary of recent retail updates across the clothing and grocery sectors, as well as other relevant areas.
You can find the recording and the transcript (with charts) at this link>>> |
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| GHOST BITES - Making sense of SENS on the local market |
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| | | Brimstone, Caxton & CTP, CA Sales, Discovery, Harmony, HomeChoice, MultiChoice, Nedbank, Sea Harvest, Shoprite and WBHO all released important earnings updates. All the details are in Ghost Bites>>> |
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| Nedbank - improved financial performance and progress towards ROE targets |
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| Despite a challenging operating environment in 2024, Nedbank grew headline earnings by 8% and saw return on equity strengthen to 15.8%. Nedbank has placed their results in Ghost Mail at this link>>> |
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| DOMINIQUE OLIVIER - Watch out for the wellness wave |
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| | | For decades, alcohol and cigarettes have been the go-tos for taking the edge off life’s chaos. With Gen Z opting out of these vices, Big Alcohol and Big Tobacco are scrambling to stay relevant in a world where wellness is the new rebellion. Read it here>>> |
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| INVESTEC PODCAST: Can tech titans keep up the pace? |
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| | | Big tech stocks have stabilised after the DeepSeek shock in January, but will they continue to dominate the market this year, or is the next disruption around the corner? Tinus Rautenbach, head of Investec’s new trading and investing platform, Clarity, shares his views on the latest episode of the No Ordinary Wednesday podcast. |
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| International Business Snippet: |
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| Tech group CrowdStrike had a rough day on the market, falling 9% after upsetting the market with earnings guidance. Even though revenue was up 25% year-on-year, they reported a net loss for the quarter. It seems that this was the flavour of the year really, with revenue in line with expectations and profits falling short.
Guidance for the first quarter came in well below analyst expectations for earnings. It's been a tough time for the company. You might remember that CrowdStrike was responsible for a technology update that basically broke the world's computers!
Our latest research in Magic Markets Premium is on MercadoLibre, an excellent eCommerce and fintech platform in Latin America. This is one of the most impressive growth companies in the world. Although the valuation reflects that reality, it stiill deserves serious consideration in any growth portfolio. Our subscribers can enjoy our detailed work on this growth stock. |
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| Magic Markets: Private markets are a hive of activity |
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| | | Magic Markets: For companies seeking capital, founders wanting to exit their stake and investors who desire diversification and solid returns, private debt and equity markets offer a vibrant ecosystem. Dino Zuccollo of Westbrooke Alternative Asset Management joined us to discuss trends and strategies in this asset class, along with general levels of adoption by investors. Get the insights in this podcast>>> |
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| The macroeconomic update will be back tomorrow. Indicators have been updated below.
Key Indicators: USD/ZAR R18.45/$ | US 10yr 4.24% | Gold $2,917/oz | Platinum $987/oz | Brent Crude $71.03
As often as practically possible, insights from the IG Markets morning macro update by Shaun Murison will be featured here. Where this isn't possible, only indicators will be provided. If you want to learn more about trading, refer back to The Trader's Handbook, a podcast series that takes you through many of the important principles in trading. |
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